FCS Compliance today announced a new partnership with the UK’s largest tenant referencing and lettings insurance company, HomeLet, to bring anti-money laundering (AML) services to their clients.
FCS Compliance is a LonRes
company and LonRes
has been partnering with Let Alliance
, part of the Barbon Insurance Group, since 2018.
All sales agents and, since January 2020, letting agents (dealing with property worth over €10K or currency equivalent per calendar month) are subject to the 2017 Money Laundering Regulations and so, by law, must ensure their firms are AML compliant.
In addition, some banks are asking that letting agents under this threshold have AML documentation and practices in place as a condition of working with them.
This comes on top of the recent publication of a joint HM Treasury and Home Office Report – National risk assessment of money laundering and terrorist financing 2020 – which saw the property sector upgraded from a medium risk to high and agents from low to medium. This will inevitably mean that agents’ practices are likely to come under greater scrutiny.
Andy Halstead, Group CEO of The Barbon Insurance Group
said, ‘The needs of our customers are at the heart of everything we do. Extending our current partnership with FCS Compliance to the HomeLet
brand, ensures that more of our customers have access to the vital AML support they need to fulfill their legal obligations and reduce their exposure to potential money laundering.’
Jerry Walters, MD of FCS Compliance, added ‘We are delighted to be joining forces with HomeLet and assisting their clients at such an important time for the industry. The publication of the government’s 2020 National Risk Assessment Report
coupled with increased opportunity for criminal activity caused by the pandemic, underlines how critical it is for every agent to understand the law and what measures need to be in place to protect themselves and their businesses.”
The first CPD-certified training course for HomeLet
clients is on 25 and 26 February
. Clients can request further information at email@example.com
or call the FCS team directly on 0330 043 2682. Bookings can be made here
Notes to editors
About FCS Compliance
FCS is a leading provider of Anti-Money Laundering (AML) services in the UK. Specialists in real estate and AML training providers to the NAEA Propertymark, FCS Compliance also works in other regulated sectors, including art and legal. The FCS Compliance team come from a background of law enforcement and finance. The company was acquired by LonRes in 2019.
About HomeLet and Let Alliance
Operating in the private rented sector for over 25 years, HomeLet and Let Alliance are the UK’s market-leading providers of high-quality tenant referencing and specialist insurances to the lettings industry. They also specialise in driving revenue generation and have paid out over £32m in commission to their letting agent partners. As a group, they have referenced over 13m tenants and provide rent guarantee cover for over £1.5bn in rental payments.
For further information, please contact:
Alison Blease, Director PR, FCS Compliance
T: 07769 677825